Marketing

Question 1

What is marketing

Answer 1

It is the entire process of getting your product or service from the producer to consumer at a profit

Question 2

What is the target markets

Answer 2

It is a group of people who all need or want a particular product or service. Example (the target markets of a computer games might be young males aged 8–18)

Question 3

What is target research

Answer 3

It is the gathering and analysing of information about a product and its market

Question 4

What are the aims of market research

Answer 4

To find out what’s the consumer want.
to discover the size of the market.
To choose the most suitable selling price

Question 5

Name the types of market research

Answer 5

Desk research and field research

Question 6

What is desk research

Answer 6

It involves sitting at your desk and examining existing information (information that is already public).

Example the Internet/CSO (central statistics office)

Question 7

What is field research

Answer 7

It involves going out and making direct contact with the people who make up the target market

Question 8

What is the marketing mix

Answer 8

It is having the right product

At the right place

With the right promotion

At the right price

Question 9

What is the product life cycle

Answer 9

Introduction-product needs to gain acceptance from the public to survive

Growth- sale of product increase rapidly

Maturity- sale of product reaches their highest level

Saturation-sales flatten, everybody had the product

Decline- sale of product decreases rapidly

Question 10

Advantage of desk research

Answer 10

It is cheap and quick

Question 11

Disadvantages of desk research

Answer 11

It may be bias,out of date, incorrect

Question 12

Mark up formula

Answer 12

Profit 100
——- X ——
Cost price. 1

Question 13

Profit margin formula

Answer 13

Profit. 100
——— X. ——
Selling price 1

Question 14

what is an interview

Answer 14

this involves asking people questions over the phone or face to face

Question 15

what is a obsarvation

Answer 15

this involves watching peoples reaction to a good or service

Question 16

what is sampling

Answer 16

a business cannot as all the customer s all the relevant questions. researchers therefore ask a sample of people who are seen to represent the market

Question 17

name three types of sampling

Answer 17

cluster sampling
random sampling
quota sampling

Question 18

what is cluster sampling

Answer 18

people in a certain area

Question 19

what is random sampling

Answer 19

everybody has a equal chance of being asked

Question 20

what is quota sampling

Answer 20

a specific amount of people being asked

Question 21

name the types of advertising

Answer 21

competitive advertising
persuasive advertising 
informative advertising
reminder advertising
generic advertising

Question 22

what is competitive advertising

Answer 22

this is where the product or service is compared favourably with the competition

Question 23

what is persuasive advertising

Answer 23

where the emphasis is on persuading the punlic

Question 24

what is informative advertising

Answer 24

this is simply telling the public something

Question 25

what is reminder advertising

Answer 25

occasional advertising to remind the public of well known product or service

Question 26

what is generic advertising

Answer 26

when manufacturers in an industry get together to promote a product

Question 27

what is brainstorming

Answer 27

writing down all the ideas for a product that comes to mind and picking the most profitable one

Question 28

what is import substitution

Answer 28

a irish manufacturer making goods that are currently imported from other countries

Question 29

how to decide the price of the product

Answer 29

cost of materials competitor prices brand name consumer demand

Question 30

how to decide the place for a product

Answer 30

where to sell the product is the market local,national,international what method of transport to use

Question 31

different types id promotions

Answer 31

advertising sales promotion public relations direct marketing

Question 32

what are the advertising functions

Answer 32

``` to inform to persuade to promote to compete to remind ```

Question 33

what to consider for a advert campaign

Answer 33

``` cost message media target market competition advertising agency ```

Question 34

what is sales promotion

Answer 34

methods other than advertising used to encourage public to buy a good or service

Question 35

what is a brand name

Answer 35

it involves creating unique name and image for product in consumers mind through advertising

Question 36

what is the advantage of brand name

Answer 36

easily identified loyal customers

Question 37

what is the disadvantage of brand name

Answer 37

overpriced bad publicity affects all

Question 38

what is public relations

Answer 38

involves promoting the good image of the business and its products

Question 39

what is direct selling

Answer 39

this involves contacting consumers directly through mail,telephone, face-face in order to sell goods and services

Question 40

what is a USP

Answer 40

unique selling point the unique feature the product has to help it stand out from competitors